Letter to Our Clients Regarding Recent Tax Act

By Amy C. O’Hara, Esq., Littman Krooks LLP President Trump signed tax reform legislation, Public Law 115-97, generally referred to as the Tax Cuts and Jobs Act, into law on December 22, 2017. The Act is the most sweeping tax legislation to be enacted in decades.  It is broad in scope, complicated, and will impact almost every aspect of tax, legal, estate, retirement, business and other planning. While there has been substantial media coverage of selected aspects of the new law, that coverage has barely touched the myriad of provisions that might be relevant to you. Changes made by the Act include: Marginal income tax rates have been lowered. The Alternative Minimum Tax (“AMT”) is not being repealed but the thresholds for when it applies, phase outs, and which items may trigger it have all changed. This might affect the way you invest, estimated tax payments, and more. The standard deduction is doubled, which changes planning for charitable contributions,…

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